Good afternoon. Thank you, Mr. Chairman and members of the committee.
I am Peter Bissonnette, president of Shaw Communications Inc. I am joined by Ken Stein, senior vice-president of Corporate and Regulatory Affairs at Shaw Communications, Charlotte Bell, vice-president of Regulatory Affairs at Shaw Media and Michael Ferras, vice-president of Regulatory Affairs at Shaw Communications.
We would like to begin by thanking the members of Parliament, including members of this committee, who expressed their strong support for our acquisition of the Canwest broadcasting assets, now known as Shaw Media. We would also like to thank the CRTC and the Competition Bureau for their thorough reviews and expeditious approvals of our application.
We note the CRTC chairman's statement that our acquisition “...will generate substantial benefits for the Canadian broadcasting system. Shaw will provide the television properties involved in the transaction with stable ownership as they emerge from a period of uncertainty.”
During the public hearing we received almost 140 supporting interventions from independent broadcasters, producers, directors, artists, unions, and elected officials. We are pleased that there is nearly unanimous agreement that Shaw's ownership of Global Television and the Shaw Media specialty services is the best possible result for the broadcasting system, the economy, and Canadian television viewers.
Through our acquisition, Canada's second-largest broadcaster emerged from bankruptcy protection as a Canadian-owned, integrated going concern. We can now secure jobs, stabilize relationships with suppliers and customers, make forward-looking investments, and develop innovative multi-platform content. And we will spend $180 million on benefits that will support independent producers, local news, and the digital transition.
Charlotte.